People spend a lot of time preparing for retirement – but what about the future? No one likes to think of getting sick or being in a situation where they need round-the-clock care; no one likes to think about what will happen when they are gone. But those are exactly the scenarios you should be preparing for, said Anna Little, Wealth Manager with First Merchants Private Wealth Advisors.
“It’s a difficult topic, but one we deal with all the time at First Merchants Private Wealth Advisors,” she explained. “Preparing for the future is about a lot more than making sure you have enough for retirement – it’s about making sure that your loved ones will be OK once you’re gone.”
And that can – and should – require some long-term planning.
“You do not want to leave your already grief-stricken family with the burden of trying to figure out where your assets are located and how you want them managed,” Anna said. “Taking time upfront to work on a plan can be critical to making sure you have family harmony once you’re gone.”
One of the first steps, Anna said, is to talk to your loved ones about your plans.
“It’s always a difficult conversation – but you have to have those difficult conversations,” she said. “Include them in whatever plans and desires you have – whether that’s a will, medical care guidelines, or other steps. They won’t be able to ask you when you are gone, so it’s important to make your wishes known, now.”
Speaking of a will: It’s not just about allocating assets. Do you take a lot of pictures on your phone? Frequently post to social media? Do you store important documents on your computer? You may want to add a provision in your will delegating access to your digital files, Anna said.
“We live in a rapidly changing, technologically advanced age,” she explained. “People use technology like never before, and they’re using it to keep track of important, personal items like photographs, contracts, deeds, and bill payments – not to mention the important, sensitive personal information often included on online profiles. Those things will need to be managed and kept safe after you’re gone – but you have to stipulate that in your will, or your loved ones could get tied up in red tape.”
Want to get started on preparing for the future?
“Having a trusted partner be the ‘quarterback’ – a financial advisor or wealth manager who understand all the aspects of your plan and can ensure all the individuals working to execute it are working together – looking out for you can ensure your needs are met, now and in the future, can help you rest easy as you take the next step in your life journey,” she said.
Estate plans or a will should be checked periodically to ensure any life changes have been accounted for.
Anna said one of the best ways is to work with a professional who specializes in creating wills and helping clients prep for whatever comes their way.
